Simpson Thacher represented Citigroup Global Markets Inc. and the other initial purchasers in connection with an offering by subsidiaries of Avis Budget Group, Inc. (“Avis Budget Group”) of $500 million aggregate principal amount of 10.5% Senior Secured Notes due 2025 pursuant to Rule 144A and Regulation S. Simpson Thacher also represented JPMorgan Chase Bank, N.A. as the administrative agent in connection with an amendment to Avis Budget Car Rental, LLC’s existing credit facilities.
Avis Budget Group intends to use the net proceeds from the offering for general corporate purposes.
Avis Budget Group is a leading global provider of mobility solutions, both through its Avis and Budget brands, which have more than 11,000 rental locations in approximately 180 countries around the world, and through its Zipcar brand, which is the world's leading car sharing network, with more than one million members. Avis Budget Group operates most of its car rental offices in North America, Europe and Australasia directly, and operates primarily through licensees in other parts of the world.
The Simpson Thacher team included John C. Ericson, John O’Connell and Kirsten Harmon (Capital Markets); Justin Lungstrum, Nicholas Baker, Stephanie Rotter and Elizabeth Pica (Banking and Credit); Jon Pall (Collateral); Jonathan Cantor and Eli Shalam (Tax); Jennifer Neilsson (Executive Compensation and Employee Benefits); Lori Lesser and Melanie Jolson (Intellectual Property); Timothy Gallagher (Real Estate); and Jennie Getsin (Blue Sky).